Debts and more debts and you are trying to stay afloat of your ever increasing debt. Face it. It is largely your fault if you did not pay your debts on time, thinking that the interest rates won't balloon that much. It did. These 7 best methods to get rid of debt are not easy but these will work if you truly want to get out of the financial mess you are in.
People panic at the pile of debts they have. The best way to face the problem is to accept you are in big trouble and how big it is depends on the amount you owe on your credit cards, your payday loans, and mortgage debts.
Debts and more debts and you are trying to stay afloat of your ever increasing debt. Face it. It is largely your fault if you did not pay your debts on time, thinking that the interest rates won't balloon that much. It did. These 7 best methods to get rid of debt are not easy but these will work if you truly want to get out of the financial mess you are in.
Once you face up the next step is to look for counseling. This may cost but when you are in there too deep, counseling fees will not matter. Counseling should be part of your get-rid-of-debt plan because not all people are the same nor are the solutions to get rid of debt. However, these 7 best methods to get rid of debt will help you get rid of debt slow but sure.
1. Seek debt consolidation before bankruptcy looms ahead. Put all together the amount you owe into one big debt. A debt consolidation loan is not interest free but the interest rates are lower. Once you have paid off your debts with this loan, you will be rid of numerous debts with varying interest rates. You can focus on this one loan until you have paid up the loan amount and interests.
2. Seek debt consolidation before bankruptcy looms ahead. Put all together the amount you owe into one big debt. A debt consolidation loan is not interest free but the interest rates are lower. Once you have paid off your debts with this loan, you will be rid of numerous debts with varying interest rates. You can focus on this one loan until you have paid up the loan amount and interests.
3. Change your lifestyle. This is the toughest method of all but in the long run, it will pay off. Reorganize your erratic spending. List down every penny spent and you see a pattern of your expenses and you can spot the unnecessary expenses that siphon your money into nowhere.
4. Seek debt consolidation before bankruptcy looms ahead. Put all together the amount you owe into one big debt. A debt consolidation loan is not interest free but the interest rates are lower. Once you have paid off your debts with this loan, you will be rid of numerous debts with varying interest rates. You can focus on this one loan until you have paid up the loan amount and interests.
5. Live within your means. If friends have new cars and plasma TVs, don't feel sorry for yourself. Your friends have probably maxed out on their credit cards. You can still use your old car and watch the best TV series on your old TV, so what's the problem? You can sleep better than your friends too.
6. If you cannot afford to keep your home, sell it a loss. The little extra can pay off those credit card bills and your mortgage. The little that you have can be invested in legal retirement schemes.
7. Sort out your debts according to tax deductible and non-tax deductible. After all you will be able to prioritize which needs to be paid at once.
For find out more ideas, check out this site http://www.make-money-pros.com/debtconsolidation.html
Author Resource:
Before you lose hope or go to bankrupcy; Find out more about debt consolidation in make money pros.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")